Cameco and Western Uranium alliance
Cameco and Western Uranium announced on 29 August that they had concluded a strategic alliance following an agreement announced in May 2007. Cameco, through its subsidiary Cameco Global Exploration II (CGE2), has acquired a 10% share of Western Uranium for $21.1 million. Under the agreement, CGE2 also has the right to earn a 70% joint venture interest in any Western Uranium deposit that is subsequently developed, and to participate in any future equity issues by Western Uranium. In addition, CGE2 can nominate one person for election to Western Uranium's board of directors. Jerry Grandey, Cameco's President and CEO, said: "This transaction strengthens Cameco's extensive portfolio of exploration investments and gives us another option to expand future production." Western Uranium is a mineral exploration company with exploration properties in the USA in Kings Valley, Nevada and Treeline, New Mexico, as well as in the Thelon Basin, Nunavut and the Northwest Territories of Canada. Western Uranium said it would use the proceeds from the sale of the 10% share to Cameco to fund ongoing exploration activities.
Cameco and Western Uranium announced on 29 August that they had concluded a strategic alliance following an agreement announced in May 2007. Cameco, through its subsidiary Cameco Global Exploration II (CGE2), has acquired a 10% share of Western Uranium for $21.1 million. Under the agreement, CGE2 also has the right to earn a 70% joint venture interest in any Western Uranium deposit that is subsequently developed, and to participate in any future equity issues by Western Uranium. In addition, CGE2 can nominate one person for election to Western Uranium's board of directors. Jerry Grandey, Cameco's President and CEO, said: "This transaction strengthens Cameco's extensive portfolio of exploration investments and gives us another option to expand future production." Western Uranium is a mineral exploration company with exploration properties in the USA in Kings Valley, Nevada and Treeline, New Mexico, as well as in the Thelon Basin, Nunavut and the Northwest Territories of Canada. Western Uranium said it would use the proceeds from the sale of the 10% share to Cameco to fund ongoing exploration activities.
Further information
Cameco
Western Uranium
_51287.jpg)
